N.Y. Mental Hygiene Law 75.03 – Policy and purposes of article
§ 75.03 Policy and purposes of article.
Terms Used In N.Y. Mental Hygiene Law 75.03
- Lending Institution: means the original lender under the loan agreement or participants therein and its successors and assigns, and may include a banking institution, insurance company, foundation, labor union, employers association, trustees, fiduciaries or any combination of the foregoing. See N.Y. Mental Hygiene Law 75.05
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
It is hereby declared that the provision of new and improved community facilities is necessary to care for the increasing number of persons afflicted with mental disability. Such facilities should be located close to the people they serve in order to speed rehabilitation and restoration and to provide for out-patient care, in-patient care, including after care, diagnostic and rehabilitative services, and residential accommodations for operation as hostels. Such facilities should supplement the services provided by the commissioner and the department of mental hygiene and should be available to cities and counties operating approved community services programs pursuant to the provisions of article eleven of this chapter.
It is hereby further declared that non-profit corporations should be created to construct, acquire, reconstruct, rehabilitate, own, and operate such facilities and that provision should be made for mortgage loan participation by a lending institution or the New York state housing finance agency in order to insure that the full resources of the private enterprise sector of the economy may be made available for this purpose; that there is a need for public assistance to such corporations by the granting of tax exemption; that it is the policy of the state to promote the provision of community facilities by such nonprofit corporations; and that such provision is a public use and purpose.